The detail set out below is for information purposes only. Bradford & Bingley plc is unable to give legal or other advice regarding the current or future position of investors.
In the first instance, please refer to the HM Treasury website for further information on the Guarantee Arrangements (put in place by HM Treasury to safeguard certain wholesale borrowings and derivative transactions of and wholesale deposits with Bradford & Bingley plc existing as at midnight on 28 September 2008) at:
http://www.hm-treasury.gov.uk/press_98_08.htm and http://www.hm-treasury.gov.uk/bradford_bingley_assets_transfer.htm
Subordinated Bonds
Subordinated or other hybrid capital instruments are not covered by the Guarantee Arrangements. This includes:
- Perpetual Subordinated Bonds;
- Perpetual Preferred Securities; and
Dated and Undated subordinated bonds issued under Bradford & Bingley’s Euro Medium Term Note Programme.
Undated Perpetual Subordinated Bonds; Perpetual Preferred Securities; Senior/Unsubordinated Bonds:
These are as follows:
| Description |
ISIN |
| £50,000,000 11 5/8 per cent. Perpetual Subordinated Bonds |
GB0002233913 |
| £55,000,000 13 per cent. Perpetual Subordinated Bonds |
GB0002228939 |
| £250,000,000 Fixed Rate Step-up Undated Subordinated Notes |
XS0167366433 |
| £200,000,000 6.00 per cent. Perpetual Subordinated Callable Step-up Notes |
XS0181867309 |
| £150,000,000 6.462 per cent. Undated Subordinated Notes (issued in connection with the £150,000,000 6.42 per cent. Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities Series A of Bradford & Bingley Capital Funding L.P.) |
GB0031670762 |
| £150 million 6.462 per cent. Non-cumulative Perpetual Preferred Securities Series A of Bradford & Bingley Capital Funding L.P. |
XS014880453 |
| £150 million Floating Rate Non-cumulative Perpetual LP interests of Bradford & Bingley Capital Funding II L.P. |
N.A. |
These bonds still exist and their terms have been unaffected by Bradford & Bingley being taken into public ownership.
In respect of the payment of interest, please see the press releases issued by Bradford & Bingley.
Bradford & Bingley expect to make further announcements regarding other interest payments in respect of such bonds in due course which will be included on our website.
We are unable to give legal or other advice regarding the current or future position of investors in relation to these bonds and Bradford & Bingley plc would suggest that you obtain advice from your own advisers (for example, legal, tax, stock-broking and so forth).
In respect of Unsubordinated Bonds:
Unsubordinated bonds are covered by the guarantee arrangements put in place by the government which have been extended pending a decision on State Aid approval from the European Commission and which were due to expire on 29 March 2009. The Government stated on 29 September 2008 that it intended to seek state aid approval from the European Commission to extend those arrangements: see http://www.hm-treasury.gov.uk/press_97_08.htm
Dated Subordinated Bonds:
These are as follows:
| Description |
ISIN |
| £250,000,000 Fixed Rate/Floating Rate Callable Step-Up Dated Subordinated Notes due January 2018 |
XS0276330643 |
| £150,000,000 Floating Rate Dated Subordinated Notes due March 2054 (issued in connection with the £150 million Floating Rate Non-cumulative Perpetual LP interests of Bradford & Bingley Capital Funding II L.P.) |
XS0215817718 |
| £200,000,000 Fixed Rate Step-Up Subordinated Notes due 12th December 2022 |
XS0159302255 |
| £125,000,000 7.625 per cent. Subordinated Notes due 16th February 2010 |
XS0108194407 |
| £125,000,000 6.625 per cent. Subordinated Notes due 16th June 2023 |
XS0087993423 |
The terms of these Bonds have been amended as per the Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008, bondholders have been notified of this Order and a Regulatory News Service announcement has been issued by Bradford & Bingley plc in respect of such Order on 10 October 2008.
The terms of these Bonds have been further amended as per the Bradford & Bingley plc Transfer of Securities and Property etc. (Amendment) Order 2009 and a Regulatory News Service announcement has been issued by Bradford & Bingley plc on 19 February 2009 in respect of that Order. View details as to this amendment.
In respect of the payment of interest, please see the press releases issued by Bradford & Bingley.
Bradford & Bingley plc expect to make further announcements regarding other interest payments in respect of such bonds in due course which will be included on our website.
Otherwise, the terms of Bradford & Bingley plc's obligations in respect of these bonds have not been altered. These bonds still exist. However, Bradford & Bingley plc is unable to give legal or other advice regarding the current or future position of investors in relation to these bonds and Bradford & Bingley plc would suggest that you obtain advice from your own advisers (for example, legal, tax, stock-broking and so forth).